Foreign funds in buying mode

Inflow of Rs 1050 crore on 7 September 2009

Foreign institutional investors (FIIs) bought shares worth a net Rs 1050 crore on Monday, 7 September 2009 as against an outflow of Rs 56.90 crore on Friday, 4 September 2009.

FII inflow of Rs 1050 crore on 7 September 2009 was a results of gross purchases Rs 2952.80 crore and gross sales Rs 1902.80 crore. The BSE Sensex surged 327.20 points or 2.09% to 16,016.32 on that day.

FII inflow in September 2009 totaled Rs 175.30 crore (till 7 September 2009). Foreign funds had bought equities worth Rs 4028.80 crore in August 2009. FII inflow in calendar year 2009 totaled Rs 40,373.80 crore (till 7 September 2009).

There are a total of 1695 foreign funds registered with the Securities & Exchange Board of India (Sebi).

Market Review - Sep 8 2009

Market Review - Sep 8 2009

Oil India Ltd IPO Analysis

Oil India IPO Analysis

Nifty September 2009 futures above 4800

Turnover surges

Nifty September 2009 futures were at 4802, at a discount of 3.25 points as compared to the spot closing of 4805.25. Turnover in NSE's futures & options (F&O) segment surged to Rs 67,576.95 crore from Rs 57,490.85 crore on Monday, 7 September 2009.

Reliance Industries September 2009 futures were at a slight discount at 2074 compared to the spot closing of 2075.60.

Unitech September 2009 futures were near spot price at 113.25 compared to the spot closing of 113.45.

Suzlon Energy September 2009 futures were near spot price at 101.10 compared to the spot closing of 101.30.

In the cash market, the S&P CNX Nifty rose 22.35 points or 0.47% at 4805.25.

Asian Markets witness Tuesday twilight Tuesday

Sydney, Sensex, Shanghai advance further while NZX 50 bucks regional trend

Stock markets in Asian region touched their highest level in a year on Tuesday 8 September 2009, while gold futures hit $US1000 an ounce for the first time in six months on investor concerns about the sustainability of the global economic recovery. With no direction from US markets due to Monday's Labor Day holiday, it was a mixed start for Asian markets, with Australian shares climbing as a flurry of deals lifted hopes for a pick-up in merger activity, while Shanghai stocks were dampened by profit-taking.

On Wall Street, the stock markets were closed on the account of Labor Day.

In the commodity market, crude oil traded little changed near $68 a barrel in New York on speculation that OPEC will keep output unchanged as the end of the U.S. driving season cuts gasoline demand.

Crude oil for October traded at $68.39 a barrel, up 37 cents from the 4 September 2009 close, in after-hours electronic trading on the New York Mercantile Exchange at 1:18 p.m. Singapore time.

Brent crude oil for October settlement rose as much as 61 cents, or 0.9%, to $67.14 a barrel on the London-based ICE Futures exchange. It was at $67.12 a barrel at 1:29 p.m. Singapore time.

Gold futures climbed to $1,000 an ounce for the first time in more than six months as a weaker dollar and concern that inflation may accelerate boosted the precious metal’s appeal. Gold last traded at more than $1,000 on 20 February 2009, the first time the metal had breached that price since March 2008. Futures then retreated to as low as $865 on 6 April 2009. The December contract added 0.1% to $998.20 an ounce in New York at 10:53 a.m. in Singapore. Spot gold traded at $996.59.

In the currency market, US dollar weakens sharply today on the back of exceptional strength in precious metals. Gold future break 1007.1 psychological level in Asia today and reaches as high as 1006.4 so far. Meanwhile Silver future also climbs more than 3% to as high as 16.85. The greenback continues to make new low against Aussie and Kiwi.

The Japanese yen strengthened against major currencies. The Japanese yen was quoted at 92.92 against the US dollar against Monday’s close of 93.22 yen.

The Hong Kong dollar was trading at HK$ 7.7502 against the dollar. Actually The Hong Kong dollar is pegged at HK$ 7.8 to the U.S. dollar but can trade between HK$ 7.75 and HK$7.85 to the U.S. dollar.

In Sydney trade, the Australian dollar hit a one-year high as a host of factors, including Asian stocks at a one-year high, a jump in gold and widening yield spreads all combined to fuel its recent rally. At the local close, the dollar was buying $US0.8592, up from yesterday’s close of $US0.8518, though trade remained thin. It was subdued against the yen at 79.47, compared to Monday's 79.35, as the Japanese currency also gained on the US dollar.

In Wellington trade, the New Zealand dollar reached one-year highs against the greenback and euro as it finally managed to push through the US69c level. The kiwi climbed as high as US69.35c overnight in a session affected by the Labor Day holiday in the United States. In the past fortnight the NZ dollar has pushed above US68.90c several times but failed to jump the next hurdle.

The South Korea won closed at 1,233.2 won to the greenback, up 0.3 won from Monday's close, as offshore investors continued to buy local stocks.

The Taiwan dollar strengthened against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 32.7730, 0.0920 higher from Monday’s close of NT$32.8650.

Coming back in equities, Australian shares were among the winners in Asia Tuesday, buoyed by a jump in business confidence to its highest level since October 2003, and as resource stocks cheered gold's long-anticipated move above $1,000 an ounce. Stocks in Taiwan received a boost from a cabinet re-shuffle on Monday, amid mounting criticism of the government's response to Typhoon Morakot.

In Japan, shares market recouped morning losses to finish the session higher, supported by strong performance in Shanghai market and strong overnight leads from Europe and the UK. Investors encouraged for buying on hopes recent plunge makes stock valuation attractive and on speculation an improved business outlook will prompt companies to lift their earnings forecasts.

At the closing bell, the Nikkei 225 Stock Average index rose 72.29 points, or 0.7% to 10,393.23, meanwhile the broader Topix was up 1.80 points, or 0.19%, to 946.4.

On the economic front, the Finance Ministry said that Japan’s current account surplus narrowed 19.4% in July from the same month a year before to 1.27 trillion yen. The decline came as Japan received fewer payments for patents. As a result, the country’s deficit in the service account, including payments in transport, tourism and royalties, expanded 28.9 per cent to 288.3 billion yen.

In Mainland China, share market endured gains for sixth consecutive day. Financials and properties spurted on hopes that Beijing will continue to use policy to support asset prices. Automakers rose on expectations of strong sales for August. Materials and resources shares were firmer on the back of strong movement in metals prices, meanwhile gold miners showed strength as the price of the metal hit the $1000 mark in Asian trade. Sugar makers buoyed up on better than expected sale data. Tyre makers bounced on speculation surge in car sale will perk up demand for tyres.

At the closing bell, the Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, rose by 49.36 points, or 1.71% to 2,930.48, while the CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, advanced 2.15%, to 3,170.97.

In Hong Kong, benchmark index endured gains for fourth consecutive day, benefited by strong performance from major heavyweights as China said it will sell sovereign bonds in the city and as a pledge by the world’s 20 biggest economies to underwrite the global recovery with massive stimulus efforts. The Hang Seng Index surged 440.50 points, or 2.14%, to 21,069.81, while the Hang Seng China Enterprise added 296.51 points, or 2.48%, to 12,275.66.

In Australia, the shares market surged following a positive close of European and the UK market and commodities prices and news business confidence had reached a near six-year high. Banks and financials and properties shares were in favor on improved prospects for the global economy. Materials and resources shares were firmer on the back of strong movement in metals prices and the release of merger and takeover news, meanwhile gold miners showed strength as the price of the metal touches the $1000 mark in Asian trade.

At the closing bell, the benchmark S&P/ASX200 index rose 69.4 points, or 1.56%, to 4,523.8, meanwhile the broader All Ordinaries gained 66.7 points, or 1.5%, to 4,527.8.

On the economic front, the National Australia Bank said on Tuesday in its monthly survey report that Australia business confidence climbed by 8 points to a score of 18 in August, supported by gains among several key sub-indexes including personal services, retail, manufacturing and finance

In New Zealand, stock market inched down to end to end in the negative terrain. The share market ended its three-day winning streak. The New Zealand share market made modest gains in early trade, after firm rises in Europe and Asia. The NZX50 edged down 0.04% or 1.14 points to 3121.55. The NZX 15 decreased 0.63% or 31.20 points to close at 5734.73.

On the economic front, New Zealand’s treasury in its monthly economic indicators, said there were signs the housing market and the wider economy was beginning to grow again and that unemployment would not reach 8 percent as earlier predicted. Despite the slightly more optimistic outlook, Treasury warned the return to economic growth might not be sustainable.

Meanwhile, according to a survey, business confidence in the country is racing up while about a third of New Zealanders think the worst of the recession is over. Bank of New Zealand's monthly survey shows a net 56 per cent of firms felt the economy would improve in the year ahead. That was up from just 15 per cent in July.

In South Korea, shares finished higher, led by gains in tech shares. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 11.12 points to 1,619.69.

In Singapore, stock market bounced back from morning low, supported by strong performance in Shanghai market, which encouraged investors for dip buying. Major blue chips, banks, and properties led the rally in Strait index. The blue chip Straits Times Index advanced 16.96 points or 0.64%, to 2,660.91.

In Taiwan, stock market elevated for eighth session, as Premier-designate Wu Den-yih said in that the new Cabinet will take shape Thursday. Premier Liu Chao-shiuan announced a day earlier that he and his Cabinet will resign en masse to give President Ma Ying-jeou a free hand to form a new Cabinet.

The benchmark Taiex share index elongated its winning streak in eighth session as its finished the session higher by 89.40 points or 1.24% in a day, closing the day at 7313.99, highest closing since 14 August 2008 when market closed at 7326.07.

The market spurted after Taiwan’s exports hit a 10-month high in August, an indication that the export-dependent economy is gradually recovering after suffering a deep slump because of reduced global demand for Taiwan's computer and electronics products.

Taiwan exported US$19.01 billion worth of goods in August, about 10% higher than in July but 24.6% less than in August 2008, when the country set a record monthly high for exports at US$25.2 billion.

The 24.6% year-on-year decline, though high, was the second smallest monthly contraction over the past nine months, and if exports continue to rise to US$20 billion in September, trade will have recovered to normal levels, said Chen Tain-jy, chairman of the Cabinet-level Council for Economic Planning and Development.

In Philippines, the stock market opened the week on a positive note, closing almost 1% higher, following encouraging news overseas, which in turn led to the buying of key heavy weight stocks. Moreover, positive show of strength by the key heavy weight also assisted the PSEi to scale up. At the final bell, the benchmark index PSEi ascended 0.75% or 21.49 points to 2,852.48, while the All Shares index mounted 0.69% or 12.58 points to 1,816.89.

In India, profit booking in auto and select FMCG shares pulled the key benchmark indices off 15-month highs. The BSE 30-share Sensex was up 107.35 points or 0.67% to 16,123.67. The Sensex opened 14.24 points higher at 16,030.56, also its day's low so far in the day. The barometer index gained 215.84 points at the day's high of 16,232.16 in mid-afternoon trade, its highest level since 2 June 2008.

The S&P CNX Nifty rose 22.35 points or 0.47% to 4805.25. The index struck day’s high of 4842.20 in intra-day trade, its highest level since 2 June 2008.

Elsewhere, Malaysia's Kula Lumpur Composite index went up 0.98% or 11.68 points to 1202.07 while stock markets in Indonesia’s Jakarta Composite index ended the day lower at 2371.30.

In other regional market, European shares rose for a fourth straight session Tuesday, with miners getting a lift from stronger gold prices and deal-making also helping the latest advance in equities. At the regional level, the U.K.’s FTSE 100 index rose 0.6% or 28.64 points to 4,962, while the German DAX index added 0.47% or 25.61 points to 5,489 and the French CAC-40 index moved up 0.32% or 11.56 points to 3,664.

Sensex ends higher; Hindalco soars

The Sensex ended on a higher note today supported by heavyweights Hindalco Industries, Sterlite and State Bank of India. Metal and oil & gas stocks were in the limelight, whereas FMCG, auto and realty stocks underperformed. The base metals pack was up today as the prices of metals rose in the international market.

After a significant rally yesterday, the Sensex opened flat with a gain of 14.24 points, at 16,030.56 on Tuesday on mixed global cues. The index proceeded to trade in the positive the entire day. Later it pared some of its gains due to profit booking at higher levels amid volatility. Finally, the Sensex closed on a positive terrain touching a high of 16,232.16.

BSE Midcap and Smallcap index declined 0.42% and 0.15% respectively.

Among the sectoral indices, BSE Metal and Oil & gas advanced over 2% each, while FMCG declined 1.15%, Auto dipped 0.97% and Realty declined 0.93%.

Asian stocks rose as Australian business confidence jumped, computer-memory prices gained and gold rose above USD 1,000 an ounce. Japanese benchmark index Nikkei gained 72.29 points, or 0.70%, to end at 10,393.23. Hong Kong`s Hang Seng index climbed 440.50 points, or 2.14%, to close at 21,069.81. China`s Shanghai Composite increased 49.36 points, or 1.71% to settle at 2,930.48.

European stocks advanced as commodity producers climbed with metal prices and investors speculated that mergers will increase. UK`s benchmark index FTSE 100 rose 28.90 points, or 0.59%, to trade at 4,962.08. French benchmark index CAC 40 gained 9.23 points, or 0.25%, to trade at 3,662.20. Germany`s benchmark index DAX increased 23.41 points, or 0.43%, to trade at 5,486.02. (4.25 p.m)

The Sensex ended the day with a gain of 107.35 points, or 0.67% at 16,123.67 after touching a high of 16,232.16 and a low of 16,030.56. The broad-based NSE Nifty gained 22.35 points, or 0.47% at 4,805.25 after hitting a high of 4,842.20 and a low of 4,782.65

Major gainers in the 30-share index were Hindalco Industries (6.05%), Sterlite Industries (India) (4.78%), State Bank Of India(4.36%), Reliance Industries (3.73%), Reliance Infrastructure (3.72%), and Tata Steel (3.24%).

On the other hand, Tata Power Company (3.07%), Hindustan Unilever (2.66%), Mahindra & Mahindra (2.39%), Reliance Communications (2.26%), Maruti Suzuki India (2.16%), and Reliance Capital (1.06%) were the major losers in the Sensex.

Overall market breadth was mixed. Out of the total 2,889 stocks traded at BSE, 1,362 advanced, 1,461 declined while 66 remained unchanged.

Post Session Commentary - Sep 8 2009

Domestic market concluded today’s journey in green terrain on significant buying interest led by firm global cues. Asian markets ended with gains and European markets are trading on firm note. In addition, higher US index futures also contributed to the upswing in key benchmark indices. However, market slipped sharply from the day’s high in second half of trading on profit booking, before gathering momentum again. Meanwhile, concerns over a poor monsoon weighed on sentiments to an extent despite revival in monsoon rains in past few days. The BSE Sensex ended above 16,100 level and NSE Nifty closed above 4,800 mark.

Market extended its yesterday’s gains and witnessed gap up opening as global market sentiments continue to rise. The Asian markets were trading in upward direction in early trade whereas US markets remained closed on Monday on Labor Day holiday. Further, Indian benchmark indices continued to move upward on sustained buying momentum. Besides, volatility was also observed as investors booked some profits after a spectacular rally in the previous session. Market slipped from the day’s high during second half of trading as key stocks were facing some selling pressure. Finally, market recuperated strength again and extended gains till end on positive European stocks. On the sectoral front, most of the buying was witnessed in Metal, Oil & Gas, Capital Goods, Bank and Consumer Durable stocks. However, FMCG, Auto, Realty and IT stocks remained out of favour during the trading. BSE Midcap and Smallcap stocks also outperformed during the trading as ended with gains of more than 2% each.

Among the Sensex pack 15 stocks ended in green territory and 15 in red green territory. The market breadth indicating the overall health of the market remained negative as 1461 stocks closed in red while 1362 stocks closed in green and 66 stocks remained unchanged in BSE.

The BSE Sensex closed higher by 107.35 points (0.67%) at 16,123.67 and NSE Nifty ended up by 22.35 points or (0.47%) at 4,805.25. BSE Mid Caps and Small Caps closed with losses of 25 and 10.52 points at 5,942.77 and 7,178.95 respectively. The BSE Sensex touched intraday high of 16,232.16 and intraday low of 16,030.56.

Gainers from the BSE Sensex pack are Hindalco (6.05%), Sterlite Industries (4.78%), SBI (4.36%), Reliance (3.73%), Reliance Infra (3.72%), Tata Steel (3.24%), Heohonda Motors (2.26%), L&T Ltd (1.27%), J P Associates (1.21%), TCS Ltd (0.65%), BHEL (0.62%) and Bahrti Airtel (0.59%).

Losers from the BSE Sensex pack are Tata Power (3.07%), HUL (2.66%), M&M Ltd (2.39%), RCom (2.26%), Maruti Suzuki (2.16%), Infosys Tech (.05%), ITC Ltd (1.04%), HDFC (0.88%), HDFC Bank (0.83%) and Sun Pharma (0.73%).

On the global markets front, the Asian markets that opened before the Indian market, ended higher after finance officials from 20 rich and developing countries pledged to keep in place their massive stimulus programs to prop up the global economy. Shanghai Composite, Hang Seng, Nikkei 225, Singapore''s Straits Times Index and Seoul Composite closed up by 49.36, 440.50, 72.29, 16.96 and 11.12 points at 2,930.48, 21,069.81, 10,393.23, 2,660.91 and 1,619.69 respectively.

European markets, which opened after the Indian market, are trading in green for the third successive session. In Paris the CAC 40 is higher by 16.83 points at 3,669.67, in Frankfurt DAX index is trading up by 28.40 points at 5,491.91 and in London FTSE 100 is trading higher 30.66 points at 4,963.84.

The BSE Metal index closed up by (2.51%) or 325.91 points at 13,315.37 after LMEX, a gauge of six metals traded on the London Metal Exchange increased 0.68% overnight. Main gainers are Hindalco (6.05%), Sterlite Industries (4.78%), Gujarat NRE C (3.63%), Tata Steel (3.24%) and Jai Nalco (2.72%).

The BSE Oil & Gas index gained (2.01%) or 199.87 points 10,129.87 as Reliance (3.73%), Reliance Pet (3.45%), Cairn Ind (1.72%) and HPCL (0.31%) ended in green.

The BSE Capital Goods index ended higher by (0.64%) or 87.84 points 13,294.60. Gainers are BEML Ltd (10.48%), Usha Martin (8.40%), Reliance Industrial Infra (4.69%), Everest Kanto (1.59%) and L&T Ltd (1.27%).

The BSE Bank index went up by (0.46%) or 39.98 points at 8,643.90. Gainers are SBI (4.36%), Allahabad Bank (3.93%), Bank of Baroda (0.90%), Yes Bank (0.85%) and Punjab National Bank (0.21%).

The BSE FMCG index closed lower by (1.15%) or 29.78 points at 2,557.39. As Dabur India (3.22%), Tel Eighteen (2.66%), United Spr (2.23%), Amrico Ltd (1.33%) and Tata Tea Ltd (1.30%) closed in negative terrain.

The BSE Auto index dropped (0.97%) or 60.63 points at 6,167.57. Losers are Amtek Auto (8.76%), Exide Industries (3.42%), M&M Ltd (2.39%), Amruti Suzuki (2.16%) and Bharat Forge (1.99%).

Tata Consultancy Services (TCS) advanced by 0.65%. Microsoft India and TCS announced a strategic alliance between the two companies to launch Microsoft-TCS virtualization Center of Excellence (CoE) in Chennai, Designed to help customers experience the right approach to applying and managing virtualization across IT architectural layers (namely server, machine, application and desktop) in their business environments.

Four Soft Limited gained 1.81%. The company announced that its subsidiary Four Soft Netherlands BV has signed a contract with Panafresh Logistics BV, Netherlands, to automate Its freight forwarding operations by implementing 4S eTran$ SME across Its locations, One of the emerging Netherlands based 3PL logistics company, Panafresh Logistics BV, offers high-quality, cost-effective logistics solutions for exporters and Importers.

Cholamandalam DBS Finance Ltd zoomed 9.94% on reports the financial services unit of Larsen & Toubro is in talks to buy the company''s domestic mutual fund operation.

Bharti Airtel Ltd gained 0.59% after a block deal of 30 lakh shares was executed on NSE at Rs 425 per share.

Jaybharat Textiles & Real Estate Ltd jumped 10% after the company fixed September 17, 2009 as the record date for a 1:2 bonus issue.

Gateway Distriparks Ltd increased by 4.14% on reports the firm is close to signing a deal with an international private equity firm to raise around Rs. 300 crore, by selling a stake of up to 25% in its unit Gateway Rail Freight.

Gujarat NRE Coke Ltd spurted 3.63% after the company said its board will meet on September 19, 2009 to consider a bonus issue of ''B'' class shares.

Tech Mahindra closed down by 1.22% after it bagged a Rs 2,000-crore deal for end-to-end outsourcing of IT applications and infrastructure from Etisalat DB Telecom, a joint venture between the UAE-based Etisalat and the Dynamix Balwas group.

BSE Bulk Deals to Watch - Sep 8 2009

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
8/9/2009 533022 20 MICRONS BP FINTRADE PRIVATE LIMITED B 72059 46.50
8/9/2009 533022 20 MICRONS BP FINTRADE PRIVATE LIMITED S 75042 46.57
8/9/2009 524412 AAREY DRUGS KAUSHIK SHAH SHARES & SEC. LTD B 40000 44.00
8/9/2009 524412 AAREY DRUGS RAJESH BHAI KANTILAL SHAH B 25000 43.15
8/9/2009 524412 AAREY DRUGS PRAFULLABEN AMRUTBHAI SONI S 25000 44.00
8/9/2009 505506 AXON INFOTEC HARSHAD KUMAR CHIMANLAL MISTRY B 6285 16.88
8/9/2009 500045 BELLA STE AL JMP SECURITIES PVT LTD B 2259512 4.06
8/9/2009 500045 BELLA STE AL JMP SECURITIES PVT LTD S 1729034 4.06
8/9/2009 532609 BHARATI SHIP MBL & Co. LTD. B 138836 205.17
8/9/2009 532609 BHARATI SHIP MBL & Co. LTD. S 138836 205.31
8/9/2009 511607 BIR SHL EDU NAVEEN BOTHRA AND SONS HUF B 40000 81.71
8/9/2009 511607 BIR SHL EDU HITESH SHASHIKANT JHAVERI S 54958 81.95
8/9/2009 530809 BNR UDYOG LT VSL SECURITIES PVT LTD B 15637 13.04
8/9/2009 590061 BRUSHMAN IND SARSWATI VINCOM LTD S 60092 18.60
8/9/2009 517973 DMC INTER PARESH DHIRAJLAL SHAH B 20005 11.82
8/9/2009 517973 DMC INTER CHIMANLAL MANEKLAL SECURITIES PVT.LTD B 21826 11.82
8/9/2009 517973 DMC INTER CENTENARY SOFTWARE PVT LTD S 18465 11.81
8/9/2009 517973 DMC INTER CHIMANLAL MANEKLAL SECURITIES PVT.LTD S 22002 11.73
8/9/2009 533055 EDSERV SOFT SVS SECURITIES PVT LTD B 82050 123.48
8/9/2009 533055 EDSERV SOFT HITESH SHASHIKANT JHAVERI B 108594 123.12
8/9/2009 533055 EDSERV SOFT BHAVIN Y MEHTA B 81556 122.37
8/9/2009 533055 EDSERV SOFT BP FINTRADE PRIVATE LIMITED B 105943 122.62
8/9/2009 533055 EDSERV SOFT SETU SECURITIES PVT LTD S 79825 122.64
8/9/2009 533055 EDSERV SOFT SVS SECURITIES PVT LTD S 81049 123.48
8/9/2009 533055 EDSERV SOFT HITESH SHASHIKANT JHAVERI S 114083 123.07
8/9/2009 533055 EDSERV SOFT BP FINTRADE PRIVATE LIMITED S 131924 123.35
8/9/2009 532022 FILAT FASH AYODHYAPATI INVESTMENT PVT LTD B 134538 80.12
8/9/2009 532022 FILAT FASH SAMIRKUMAR DIPAKBHAI SHAH B 50000 80.05
8/9/2009 532022 FILAT FASH AADESH COMMODITIES PRIVATE LTD B 50000 80.04
8/9/2009 532022 FILAT FASH AYODHYAPATI INVESTMENT PVT LTD S 132178 80.50
8/9/2009 532022 FILAT FASH KANAK STOCK BROKERS PVT LTD S 50000 80.02
8/9/2009 532022 FILAT FASH AADESH COMMODITIES PRIVATE LTD S 50000 80.05
8/9/2009 531486 FILMCIT MEDI WELLNESS COMMUNICATION (P) LTD S 1900000 1.14
8/9/2009 531863 GEEKAY FINAN GOPALA PILLAI VIJAYAKUMAR B 70000 492.20
8/9/2009 531863 GEEKAY FINAN YOUSUF BUX S 95000 492.20
8/9/2009 532909 GRABAL ALOK SHAILAJA FINANCE LTD S 211500 56.90
8/9/2009 531777 INTELLVIS SO GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 162550 19.98
8/9/2009 513691 JMT AUTO LTD PERFECT HOMFIN LTD B 75375 45.00
8/9/2009 513691 JMT AUTO LTD RELIGARE FINVEST LTD. S 75000 45.00
8/9/2009 511131 KAMAN HSG NISHA SUMANJAIN B 140000 39.64
8/9/2009 530255 KAY POW PAP BAMPSL SECURITIES LTD. B 281606 8.04
8/9/2009 530255 KAY POW PAP GOPINATH SHARMA B 71834 7.90
8/9/2009 530255 KAY POW PAP NARENDER GUPTA B 97335 8.02
8/9/2009 530255 KAY POW PAP SATISH KUMAR GUPTA B 89400 7.95
8/9/2009 530255 KAY POW PAP KAILASH CHAND GUPTA B 70861 7.92
8/9/2009 530255 KAY POW PAP BAMPSL SECURITIES LTD. S 197361 7.98
8/9/2009 530255 KAY POW PAP GOPINATH SHARMA S 62749 7.93
8/9/2009 530255 KAY POW PAP NARENDER GUPTA S 53392 7.82
8/9/2009 530255 KAY POW PAP SATISH KUMAR GUPTA S 79400 7.92
8/9/2009 530255 KAY POW PAP KAY CHANDRA IRON ENGINEERING WORKS PRIVATE LIMITED S 100000 7.99
8/9/2009 506528 KELTECH ENRG KALPANA MADHANI SECURITIES PVT. LTD. B 5441 257.25
8/9/2009 522101 KILBURN ENGG* QUEST INV ADVISORS P LTD B 84988 40.15
8/9/2009 519421 KSE LIMITED DILIP RAMANLAL VAKHARIA S 16164 220.21
8/9/2009 531261 KUSHAGRA SO KAMAL SANTOS PODDAR B 504764 7.00
8/9/2009 531261 KUSHAGRA SO TRASK INFRASTRUCTURE PVT LTD S 297831 7.00
8/9/2009 531261 KUSHAGRA SO KEYSTONE STOCKFIN PVT LTD S 190000 7.00
8/9/2009 531731 KUVAM INTL SURESH KUMAR GUPTA S 20000 26.85
8/9/2009 519570 LAKSHMI OVER SWISS FINANCE CORPORATION (MAURITIUS) LIMITED B 330271 132.75
8/9/2009 519570 LAKSHMI OVER DEUTSCHE SECURITIES MAURITIUS LIMITED S 336000 132.76
8/9/2009 504823 MAHIN UGIN HSBC GLOBAL INVESTMENT FUNDS BRIC FREESTYLE S 185572 43.50
8/9/2009 512167 MATRA REALT NARENDRA VELJI SHETHIA (HUF) B 75000 10.64
8/9/2009 512167 MATRA REALT GOPALA PILLAI VIJAYAKUMAR S 103350 10.64
8/9/2009 512167 MATRA REALT RAJESH C R NAIR S 74160 10.64
8/9/2009 532819 MINDTREE LTD FRANKLIN TEMPLETON MFA/C FRANKLININDIA HIGH GROWTH COMPANIES FUND B 277000 540.00
8/9/2009 532819 MINDTREE LTD TEMPLETON MUTUAL FUND A/C FRANKLIN INDIA TAXSHIELD B 200000 540.00
8/9/2009 532819 MINDTREE LTD TEMPELTON MUTUAL FUND A/C FRANKLIN INDIA FLEXI CAP FUND B 555000 540.00
8/9/2009 532819 MINDTREE LTD CREDIT AGRICOLE ASSET MGNT.A/C CREDIT AGRICOLE FUNDS INDIA. B 200000 540.00
8/9/2009 532819 MINDTREE LTD CAPITAL INTERNATIONAL GLOBAL EMERGING MKTS PVT EQUITY FUND S 1518068 540.02
8/9/2009 590060 MK EXIM PRABHAT YOGI S 35262 26.75
8/9/2009 530377 NILA INFRAST MANOJBHAI BHUPATBHAI VADODARIA B 3000000 2.00
8/9/2009 530377 NILA INFRAST PEARL STOCKHOLDINGS PVT LTD S 3000000 2.00
8/9/2009 532986 NIRAJ CEMENT AYODHYAPATI INVESTMENT PVT LTD B 76144 82.92
8/9/2009 532986 NIRAJ CEMENT AYODHYAPATI INVESTMENT PVT LTD S 76144 82.69
8/9/2009 500308 NIRMA LTD. BHARAT PURSHOTTAMDAS SHAH B 999728 150.55
8/9/2009 500308 NIRMA LTD. BHARAT SHAH S 999728 150.31
8/9/2009 531996 ODYSSEY CORP DYNAMIC EQUITIES PRIVATE LIMITED B 100000 23.70
8/9/2009 531996 ODYSSEY CORP BHROSEMAND COMMODITIES PVT. LTD. S 76000 23.70
8/9/2009 531092 OM MET INFRA INDIA DISCOVERY FUND LIMITED B 800000 29.51
8/9/2009 531092 OM MET INFRA AGILITY CONSULTANCY PRIVATE LIMITED S 500000 27.51
8/9/2009 511702 PARSHART INV SANJAY JETHALAL SONI B 15130 16.06
8/9/2009 511702 PARSHART INV MAYA JIANDLAL DAYANI B 25000 13.30
8/9/2009 511702 PARSHART INV MAYA JIANDLAL DAYANI S 25000 15.95
8/9/2009 530923 PASSARI CELL MANOHAR CHAND KHUFX B 30000 37.24
8/9/2009 504288 POLAR INDUST SIB NATH MUKHERJEE B 150000 4.97
8/9/2009 504288 POLAR INDUST CHANDRA NATH MUKHERJEE B 133488 4.96
8/9/2009 504288 POLAR INDUST SUPERLINE TRADECOM P LTD S 75000 4.97
8/9/2009 504288 POLAR INDUST NARAYANI LAXMI VINIYOG P LTD S 67487 4.96
8/9/2009 504288 POLAR INDUST DIMPLE PROPERTIES PVT LTD S 94200 4.97
8/9/2009 504288 POLAR INDUST BAIDYANATH ESTATES PVT LTD S 70000 4.96
8/9/2009 532387 PRITISHN COM PATEL BROKOING PVT LTD B 150000 37.55
8/9/2009 511652 RAM KAASHYAP KOKILABEN N JADAV B 27900 17.84
8/9/2009 533017 RESURGERE JMP SECURITIES PVT LTD B 255185 125.48
8/9/2009 533017 RESURGERE JMP SECURITIES PVT LTD S 245712 124.41
8/9/2009 526407 RIT PRO IND Naman Securities & Finance Pvt. Ltd. B 58067 26.63
8/9/2009 526407 RIT PRO IND Naman Securities & Finance Pvt. Ltd. S 67064 26.60
8/9/2009 531374 SAAG RR INFR ANGEL INFIN PRIVATE LIMITED S 54350 27.79
8/9/2009 524446 SABE ORG GUJ SETU SECURITIES PVT LTD B 190573 42.64
8/9/2009 524446 SABE ORG GUJ SETU SECURITIES PVT LTD S 200561 42.52
8/9/2009 506172 SAMPADA CHEM THE PREMIER COMMERCIAL CO PVT LTD S 115000 27.20
8/9/2009 532886 SEL MANUF MBL & Co. LTD. B 122121 84.74
8/9/2009 532886 SEL MANUF MBL & Co. LTD. S 122121 84.85
8/9/2009 519031 SHAH FOODS L PISTA BAI B 3700 34.02
8/9/2009 519031 SHAH FOODS L RAMESH ROSHAN BORANA S 3500 34.00
8/9/2009 532293 SOFT TECH GR SHALINI DHOOP P. LTD S 70931 10.37
8/9/2009 522087 SULZER INDIA FINQUEST FINANCIAL SOLUTIONS PVT. LTD. B 64642 1021.02
8/9/2009 522087 SULZER INDIA HARDIK BHARAT PATEL S 17348 1021.15
8/9/2009 519228 TEMPT.FOODS PILOT CONSULTANTS LTD B 200000 45.76
8/9/2009 519228 TEMPT.FOODS MERRILL LYNCH CAPITAL MARKET ESPANA SA SVB S 207445 44.78
8/9/2009 500429 UNIPHOS ENTE TEMPLETON MUTUAL FUND B 437000 27.95
8/9/2009 500429 UNIPHOS ENTE HDFC M F A/C HDFC PRUDENCE FUND S 457000 27.94
8/9/2009 530459 VALSON IND CHANDRA MOHAN AGRAWAL B 20854 53.95
8/9/2009 530459 VALSON IND HITESH SHASHIKANT JHAVERI B 75186 54.88
8/9/2009 530459 VALSON IND ROHNIL BORADIA S 32344 51.97
8/9/2009 530459 VALSON IND CHANDRA MOHAN AGRAWAL S 20854 54.75
8/9/2009 530459 VALSON IND HITESH SHASHIKANT JHAVERI S 54686 54.16
8/9/2009 503657 VEER ENERGY SHREYANSHNATH SHARES & FINANCIAL SERVICES PVT LTD S 388325 24.20
8/9/2009 532360 VINTAGE CARD DHARMENDRA CHAMPAKLAL SHAH B 3173 26.10
8/9/2009 531249 WELL PACK PA PANDYA HARDIK M B 26169 190.65
8/9/2009 531249 WELL PACK PA PANDYA HARDIK M S 25501 189.85

NSE Bulk Deals to Watch - Sep 8 2009

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
08-SEP-2009,20MICRONS,20 Microns Limited,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,79970,45.94,-
08-SEP-2009,20MICRONS,20 Microns Limited,SETU SECURITIES LTD,BUY,74197,46.15,-
08-SEP-2009,BHARTISHIP,Bharati Shipyard Limited,MBL & COMPANY LTD.,BUY,253340,205.48,-
08-SEP-2009,EDSERV,Edserv Softsystems Limite,BP FINTRADE PRIVATE LIMITED,BUY,55608,123.62,-
08-SEP-2009,EDSERV,Edserv Softsystems Limite,SETU SECURITIES LTD,BUY,91852,123.30,-
08-SEP-2009,EDSERV,Edserv Softsystems Limite,SVS SECURITIES PVT. LTD.,BUY,73003,123.69,-
08-SEP-2009,EXCELINFO,Excel Infoways Limited,SHREYANSHNATH SHARES& FINANCIAL SERVICES PVT LTD,BUY,124404,82.18,-
08-SEP-2009,GEODESIC,Geodesic Limited,INDEA LONG TERM OPPORTUNITIES MASTER FUND,BUY,500000,148.44,-
08-SEP-2009,ISPATIND,Ispat Industries Limited,EXCEL FINCOM,BUY,6113251,24.00,-
08-SEP-2009,JKTYRE,JK Tyre & Industries Ltd,PALLAVI VORA,BUY,240484,114.30,-
08-SEP-2009,KAJARIACER,Kajaria Ceramics Ltd,CHETAN KAJAIRA,BUY,400000,41.15,-
08-SEP-2009,PRAENG,Prajay Engineers Syndicat,MACQUARIE BANK LIMITED,BUY,325000,36.60,-
08-SEP-2009,RESURGERE,Resurgere Mines & Mineral,JMP SECURITIES PVT LTD,BUY,171502,125.51,-
08-SEP-2009,RESURGERE,Resurgere Mines & Mineral,OM INVESTMENTS,BUY,169995,118.36,-
08-SEP-2009,RUCHINFRA,Ruchi Infrastructure Ltd.,RUCHI SOYA INDUSTRIES LTD.,BUY,2026615,39.89,-
08-SEP-2009,SELMCL,SEL Manufacturing Company,MBL & COMPANY LTD.,BUY,134466,84.85,-
08-SEP-2009,20MICRONS,20 Microns Limited,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,78955,45.81,-
08-SEP-2009,20MICRONS,20 Microns Limited,SETU SECURITIES LTD,SELL,85677,45.91,-
08-SEP-2009,BHARTISHIP,Bharati Shipyard Limited,MBL & COMPANY LTD.,SELL,253340,205.67,-
08-SEP-2009,EDSERV,Edserv Softsystems Limite,BP FINTRADE PRIVATE LIMITED,SELL,63606,123.35,-
08-SEP-2009,EDSERV,Edserv Softsystems Limite,SETU SECURITIES LTD,SELL,145923,123.16,-
08-SEP-2009,EDSERV,Edserv Softsystems Limite,SVS SECURITIES PVT. LTD.,SELL,82496,123.34,-
08-SEP-2009,EXCELINFO,Excel Infoways Limited,SHREYANSHNATH SHARES& FINANCIAL SERVICES PVT LTD,SELL,124404,78.82,-
08-SEP-2009,GRABALALK,Grabal Alok Impex Limited,SHAILAJA FINANCE LTD,SELL,205000,54.64,-
08-SEP-2009,ISPATIND,Ispat Industries Limited,EXCEL FINCOM,SELL,6353635,23.99,-
08-SEP-2009,JKTYRE,JK Tyre & Industries Ltd,PALLAVI VORA,SELL,240484,115.49,-
08-SEP-2009,KAJARIACER,Kajaria Ceramics Ltd,GOLDEN JOB FINDER PVT LTD,SELL,425000,41.15,-
08-SEP-2009,PRAENG,Prajay Engineers Syndicat,SWISS FINANCE CORPORATION (MAURITIUS) LIMITED,SELL,325000,36.61,-
08-SEP-2009,RESURGERE,Resurgere Mines & Mineral,JMP SECURITIES PVT LTD,SELL,171501,125.75,-
08-SEP-2009,RESURGERE,Resurgere Mines & Mineral,OM INVESTMENTS,SELL,169995,118.55,-
08-SEP-2009,RUCHINFRA,Ruchi Infrastructure Ltd.,ABHA SHAHRA,SELL,1900000,39.90,-
08-SEP-2009,SELMCL,SEL Manufacturing Company,MBL & COMPANY LTD.,SELL,134466,84.89,-
08-SEP-2009,TATAELXSI,Tata Elxsi (India) Ltd,LIVE STAR MARKETING PVT LTD,SELL,166461,187.92,-

Market extends gains for the third day; turnover swells

Key benchmark indices extended gains for the third straight session led by rally in index heavyweights Reliance Industries (RIL) and State Bank of India (SBI). Volatility was as the market pared gains after hitting its highest level in more than 15 months in intraday trade. The BSE 30-share Sensex rose 107.35 points or 0.67%, off 108.49 points from the day's high and up 93.11 points from the day's low. Positive global cues supported domestic bourses.

The market breadth, indicating overall health of the market, turned negative in mid-afternoon trade in contrast to strong breadth earlier in the day. Turnover on BSE vaulted to Rs 7,000 crore. Metal shares rose on firm global commodity prices with Hindalco Industries surging over 6%. Index heavyweight Reliance Industries surged over 3.5%. Banking heavyweight State Bank of India jumped over 4%. Auto and FMCG stocks slipped on profit booking

Intraday volatility was witnessed right from the onset of the trading session. The market came off the higher level in early trade after an initial surge. The market surged in early afternoon trade as index heavyweight Reliance Industries (RIL) rose. The market extended gains in afternoon trade as European markets opened firm and Asian equities extended early gains. The market retreated from a 15-month high on profit booking in mid-afternoon trade.

Minister of State for Finance Namo Narain Meena today said the government is committed to clear the Insurance Amendment Bill that seeks to bring in more foreign investments in the sector. Currently, foreign direct investment (FDI) in insurance is capped at 26% and the bill seeks to raise the FDI ceiling to 49%. Ever since the Congress-led United Progressive Alliance (UPA) government returned to power for a second term in May 2009 with a decisive mandate, investors have been betting that the government will pursue economic reforms to boost growth.

The Finance Ministry on Monday, 7 September 2009, asked all government ministries and departments to cut expenses on domestic and foreign travel, publications, advertising and purchase of vehicles. The plan will see a 10% reduction in government's non-plan expenditure, pegged at Rs 6.9 lakh crore for the year to March 2010. The cut in expenditure is aimed at reducing the strain on government finances.

Finance Minister, Pranab Mukherjee on Monday, 7 September 2009 said that a slowdown is likely in growth rate in the second and third quarters of the current fiscal due to less agricultural growth. Mukherjee said that he is, however, not revising the target of 6% plus growth rate for the fiscal as the economy will expand at a higher pace in the fourth quarter.

Mukherjee on Tuesday said the government is constantly reviewing the economic situation to decide until when the stimulus measures need to be continued and it is not desirable to plan the exit strategy now

The Reserve Bank of India (RBI) Governor D Subbarao on Monday, 7 September 2009, said inflation in India is becoming a concern sooner than anticipated and the current monetary stance must be unwound. In an interview to a news agency, Subbarao said there is a need to balance growth and price stability. Chanda Kochhar, managing director India's No. 2 lender ICCI Bank said on Tuesday that lending and borrowing rates in India have bottomed out and rates will harden from here on.

Analysts are concerned that a sharp surge in food prices in the past few days due to scanty rains may stoke inflationary pressures in the economy. Interest rates could rise on higher inflation which in turn may impact a nascent economic recovery and corporate profits.

On the flip side, a survey to gauge business confidence sentiment, carried out by Federation of Indian Chambers of Commerce and Industry (Ficci), for the month of September 2009, has suggested that the confidence level of India Inc is on the rise thanks to government's fiscal stimulus measures. Eighty per cent of the companies believe that the Indian economy is on the road to recovery and expect improvement in corporate performance in the months to come.

Although, the future outlook for the Indian industry as a whole is fairly positive, 86% of the companies expressed concern over delayed monsoons. The respondents feel this can have an adverse impact on demand for industrial goods in the coming months.

Incidentally, there has been a revival in monsoon rains in the past few days. After playing truant for most of the season, the monsoon has picked up pace in the past few days thereby reducing the deficiency in cumulative rainfall in this season. The cumulative rainfall was 23% below normal in the week ended 2 September 2009, an improvement from 25% in the week ended 26 August 2009 and 29% in the week ended 12 August 2009, the India Meteorological Department said on 4 September 2009.

However, a cause of concern is that reservoir levels in key reservoirs are at two-thirds of the 10-year average, and 60% of last year's levels. Because of the deficient rainfall between June and September, good water storage level in these key reservoirs, which makes up one-third of the country's total water storage, are crucial to a good winter crop. Two-third of India's population lives in villages and 60% of the farm land depends on the annual rains.

Meanwhile, the Oil India IPO which opened for bidding on 7 September 2009, was subscribed 1.41 times by 16:00 IST today, data on the National Stock Exchange showed. The IPO opened for bidding on Monday, 7 September 2009 and will close on 10 September 2009. OIL, which produces 3.5 million tonnes of oil annually, will be listed on the bourses on 29 September 2009. The government has fixed Rs 950-1,050 per share price band for the initial public offering of Oil India (OIL), the second state-run firm to hit the market this year after NHPC, and will raise up to Rs 2,777 crore.

The response to Oil India IPO is being closely watched after a tepid secondary market debut of power sector firms NHPC and Adani Power, recently.

The National Stock Exchange on Monday, 7 September 2009, said the transaction charges would be lower by about 10% in cash and derivatives segments from 1 October 2009. For the first time, the exchange is proposing to levy 'system abuse charge' in the Futures & Options category from 1 October 2009. The move is to serve as a deterrent for trading members from punching large non-serious trade orders which clog the system and delays order placement and execution for other trading members.

European markets edged higher today, 8 September 2009 led by mining shares after gold prices rose above the $1,000 per ounce level. Key benchmark indices in UK, Germany and France were up by between 0.40% and 0.51%.

Asian markets were trading higher today, 8 September 2009 led by technology and commodity companies, as computer memory prices and metal prices rose. Key benchmark indices in South Korea, Singapore, Japan, China, Hong Kong, and Taiwan rose by between 0.64% and 2.14%.

Trading in US index futures showed the Dow could rise 92 points at the opening bell on Tuesday, 8 September 2009. US markets were closed on Monday, 7 September 2009 on account of the Labor Day holiday.

The Group of 20 finance ministers and central bankers said over the weekend they would not remove economic stimulus until the global recovery was well entrenched.

The BSE 30-share Sensex rose 107.35 points or 0.67% to 16,123.67, its highest closing since 30 May 2008. The Sensex opened 14.24 points higher at 16,030.56, also its day's low. The barometer index gained 215.84 points at the day's high of 16,232.16 in mid-afternoon trade.

The S&P CNX Nifty rose 22.35 points or 0.47% to 4805.25, its highest closing since 30 May 2008. Nifty September 2009 futures were at 4802, at a discount of 3.25 points as compared to the spot closing.

The BSE Sensex has jumped 725.34 points or 4.71% in three trading days to 16,123.67 on 8 September 2009 from a recent low of 15,398.33 on 3 September 2009 as revival of monsoon rains, strong response to the initial public offer of Oil India, a survey showing an improvement in business confidence of India Inc and firm global stocks boosted sentiments.

Stocks have risen sharply this year on increased global risk appetite triggered by hopes of a recovery in the global economy after a setback from a financial sector crisis. The Sensex is up 6476.36 points or 67.13% in calendar year 2009 as on 8 September 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 7963.27 points or 97.58% as on 8 September 2009. FII inflow in calendar year 2009 totaled Rs 40,373.80 crore (till 7 September 2009).

Coming back to today's trade, the BSE clocked a turnover of Rs 7162 crore, higher than Rs 6100 crore on Monday, 7 September 2009. Turnover in NSE's futures & options (F&O) segment surged to Rs 67,576.95 crore from Rs 57,490.85 crore on Monday, 7 September 2009.

The market breadth, indicating the overall health of the market, turned negative after a strong start. On BSE, 1468 shares declined as compared with 1372 that rose. A total of 77 shares remained unchanged.

The BSE Mid-Cap index fell 0.42% to 5,942.77 and the BSE Small-Cap index declined 0.15% to 7,178.95. Both these indices underperformed the Sensex

The BSE Metal index (up 2.51%), the BSE Oil & Gas index (up 2.01%), outperformed the Sensex.

The BSE Teck index (down 0.57%), the BSE Bankex (up 0.46%), BSE Consumer Durables index (up 0.34%), BSE Realty index (down 0.93%), the BSE PSU index (down 0.03%), the BSE Auto index (down 0.97%), the BSE Capital Goods index (up 0.64%), the BSE FMCG index (down 1.15%), the BSE Power index (down 0.20%), BSE IT index (down 0.72%), the BSE Healthcare index (down 0.52%), underperformed the Sensex.

There were as many losers as gainers in the 30-member Sensex pack

Metal stocks gained after LMEX, a gauge of six metals traded on the London Metal Exchange rose 0.68% on Monday, 7 September 2009. Back home, the world's largest steel marker ArcelorMittal's deal to become a co-promoter of India's Uttam Galva Steel also boosted sentiment. Uttam Galva Steels was locked at upper limit of 5% of Rs 131.30 on BSE, a lifetime high for the counter

India's largest private sector aluminium marker by sales Hindalco Industries surged 6.19% to Rs 115 and was the top gainer from the Sensex pack. The counter clocked volume of 66.32 lakh shares

India's largest private sector steel marker by sales Tata Steel gained 3.03%. The company on Monday, 7 September 2009 said steel sales at its Indian operations rose 25% to 492,000 tonnes in August 2009 over August 2008. Saleable steel production rose 14% to 526,000 tonnes while sales of long products jumped 81%.

Domestic operations contribute about 25% of the group's total annual global capacity, including Europe's second-largest steelmaker Corus.

JSW Steel gained 1.34%. The company reported 53% rise in crude steel production to 5.21 lakh tonne units in August 2009 over August 2008. The company made this announcement during trading hours on 4 September 2009.

Steel Authority of India rose 0.63%. The company reported a 20% rise in domestic sales to 1.1 million tonnes in August 2009 over August 2008, on the back of a 30% jump in sale of special steels. The company made this announcement during trading hours on 4 September 2009.

Other steel firms gained on momentum buying on hopes of further consolidation in the sector through merger & acquisition activity after a deal between Uttam Galva Steel and ArcelorMittal, the world's largest steel.

Bhushan Steel (up 0.93%), Mukand (up 12.03%), National Steel & Agro Industries (up 3.95%), Mahindra Ungine Steel Company (up 6.19%), Shah Alloys (up 5.98%), surged.

Sterlite Industries (up 4.03%), Sesa Goa (up 1.83%), and Hindustan Zinc (up 0.73%), were the other gainers from the metal pack.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) advanced 3.67% to Rs 2074 on 14.05 lakh shares. India's largest thermal power producer by sales NTPC on Saturday, 5 September 2009 moved the Supreme Court seeking quashing of the Bombay high court order giving permission to the Mukesh Ambani's RIL to amend its plea in its on-going dispute with the country's largest utility on the supply of gas from the Krishna-Godavari basin.

RIL had arrived at an agreement with the NTPC to supply 12 million standard cubic metres per day (mmscmd) gas at $2.34 per million British thermal unit (mmBtu) pusuant to the global competitive bidding.

However, the RIL sought to wrigle out and avoid the Gas Sale & Purchase Agreement (GSPA) on one pretext or the other, compelling NTPC to move Bombay high court for enforcement of its agreement with the contractor RIL.

Another dispute between the Mukesh Ambani promoted RIL and Anil Ambani promoted Reliance Natural Resources (RNRL) is now in the Supreme Court. The dispute between RIL and RNRL is centered around the price and supply of gas from Krishna Godawari (KG) basin operating by RIL to RNRL for the power plants of Anil Dhirubhai Ambani group. Meanwhile the NTPC-RIL case also deals with price and supply of gas to NTPC's power plants from RIL.

India's largest thermal power producer by sales NTPC fell 0.70% while RNRL fell 1.48%.

India's largest oil exploration firm by sales Oil and Natural Gas Corporation (ONGC) fell 0.16%. As per reports ONGC's overseas investment arm ONGC Videsh is pumping $209 million into Russian fields of Imperial Energy for ramping up production.

PSU OMCs declined after crude oil prices advanced on Monday, 7 September 2009. BPCL (down 1.20%), HPCL (down 1.03%), and Indian Oil Corporation (down 3.14%) fell.

Higher crude oil prices will increase under-recoveries of state-run oil firms on domestic sale of petrol, diesel, LPG and kerosene at a controlled price.

Oil prices climbed on Monday, 7 September 2009 helped by rising equity markets and a weaker US dollar. Light sweet crude for October delivery rose 76 cents to settle at $68.78 a barrel on the New York Mercantile Exchange.

Tata Consultancy Services, India's largest software services exporter by sales, advanced 0.25%. TCS's Chief Executive S. Ramadorai on 7 September 2009 said TCS is seeing stability on the ground and the company's demand pipeline is good.

Shares of two IT majors - Infosys and Wipro fell on reports the West Bengal government has decided to scrap the Rajarhat IT township project. India's second largest software services exporter by sales Infosys fell 0.85% and India's third largest software services exporter by sales Wipro slipped 0.23%.

The decision implies that Wipro and Infosys will not get land demanded by them to set up an IT hub. The projects had become controversial in recent weeks following allegations that land sharks had been involved in acquisition of plots there.

Tech Mahindra rose 1.36% after the company bagged a Rs 2,000-crore deal for end-to-end outsourcing of IT applications and infrastructure from Etisalat DB Telecom, a joint venture between the UAE-based Etisalat and the Dynamix Balwas group. The JV, earlier known as Swan Telecom, is rolling out cellular services across 15 circles in India.

India's largest mobile services provider by sales Bharti Airtel rose 0.95% to Rs 425.60 after a block deal of 30 lakh shares was executed on the counter on NSE at Rs 425 per share. The block deal constituted 0.08% of the company's equity.

Bharti and South African telecom operator MTN have been in negotiations since 25 May 2009 on a $23 billion cash and share-swap deal aimed at an eventual full merger. The deadline for the talks has been extended twice, most recently the deadline was put back another month to 30 September 2009.

India's second largest mobile services provider by sales Reliance Communications slipped 2.25% after a company spokesperson clarified to the media that the firm is not in talks to buy a stake in Kuwaiti telecom firm Zain or its African assets. The stock has been on a roll recently, advancing 19.61% in five trading days to 7 September 2009, on reports its telecom tower unit may revive a plan to raise funds through an initial public offer.

India's largest engineering & construction company by sales Larsen & Toubro (L&T) rose 1.24%. As per reports L&T's financial services unit - L&T Finance is in the race to acquire DBS Cholamandalam asset management company (AMC). Shares of Cholamandalam DBS were frozen in the 10% upper circuit filter.

Infrastructure stocks rose as higher government spending on infrastructure sector in 2009-2010 to provide a stimulus to the economy may boost orders.

India's largest dam builder by sales Jaiprakash Associates rose 1.41%. The stock had jumped over 6% on Monday, 7 September 2009 after the National Stock Exchange (NSE)'s index maintenance committee at a periodic review during the weekend decided to include the stock in the S&P CNX Nifty index effective from 20 October 2009. Jaiprakash Associates will replace National Aluminium Company in the index

India's largest power equipment maker by sales Bharat Heavy Electricals rose 0.29%. The company may name an overseas partner by October for a venture to build atomic plants in the country.

Gateway Distriparks spurted 4.45% on reports the firm is close to signing a deal with an international private equity firm to raise around Rs 300 crore, by selling a stake of up to 25% in its unit Gateway Rail Freight.

India's largest private sector bank by net profit ICICI Bank fell 0.23% to Rs 787, off day's high of Rs 806. The bank's managing director Kochhar said credit growth in in India is likely to pick up in the second half of this year.

India's largest bank by net profit and branch network State Bank of India spurted 4.19% after Chairman O.P. Bhatt said the bank's earnings are likely to grow 30-35% in the current quarter. SBI's retail loan growth is likely to be twice of what it was in the year-ago quarter, he said.

SBI has reduced rates on its flagship deposit scheme, the 1000-day deposit, by 25 basis points to 7% with effect from 8 September 2009. Now deposit of more than two years but less than three years will be clubbed together with an interest rate of 7%. Earlier deposits for tenures of two years but less than 1,000 days had an interest rate of 7% while the 1000-day deposit had an interest rate of 7.25%.

India's second largest private sector bank by net profit HDFC Bank was down 1.12%.

Wall Street Finance spurted 5.07% after industrialist B K Modi on Monday, 7 September 2009, acquired 51% stake in the company at Rs 55 each. Anil Dhirubhai Ambani Group's (ADAG) Reliance Money had exited Wall Street Finance by selling its entire 36.8% holding last week.

FMCG pivotals dipped as investors shifted their exposure from the so-called defensive sector. India's largest FMCG company by sales Hindustan Unilever lost 2.55% India's largest cigarette company by sales ITC shed 1.17%

Marico (down 1.33%), Dabur India (down 3.40%), Britannia Industries (down 0.35%), Bata India (down 1.76%), United Spirits (down 2.43%), Tata Tea (down 1.47%) edged lower

Nirma galloped 3.79% to Rs 182, after a block deal of 10 lakh shares was executed on the counter on BSE at Rs 204.95 per share. The block deal constituted 0.63% of the company's equity.

Auto stocks took a breather after Monday's surge triggered by that the forthcoming festive season will boost auto sales. India's largest truck marker by sales Tata Motors lost 1.36%. The stock had surged 11.32% on Monday.

India's top small car maker by sales Maruti Suzuki fell 2.26%. India's largest tractor maker by sales Mahindra & Mahindra slipped 2.43%

Car sales rose 26% to 120,669 units in August 2009 over August 2008 boosted by new launches and availability of cheaper loans, data released by the industry body Society of Indian Automobile Manufacturers today, 8 September 2009, showed. Sales of trucks and buses rose 18.5% to 40,624 units and motorcycle sales rose 26% to 611,173 units.

Realty stocks declined on profit booking after recent triggered by gains reports prices of residential units in key regions like New Delhi-NCR (National Capital Region) and Mumbai have moved up 10-15% on gradual return of residential property buyers. DLF (down 0.25%), Phoenix Mills (down 2.09%), Unitech (down 1.69%), Omaxe (down 1.32%), Indiabulls Real Estate (down 1.41%), and HDIL (down 1.70%), gained.

The demand for residential projects in major cities is picking up on lower home loan rates, property price cuts by developers and a recovery in the job market. Realty market had slumped last year amid a global credit crunch and buyers fearing job losses.

Reliance Industries was the top traded counter on BSE with turnover of Rs 289.28 crore followed by Unitech (Rs 213.51 crore), Tata Steel (Rs 203.47 crore), DLF (Rs 191.63 crore), and Suzlon Energy (Rs 158.22 crore).

NHPC clocked the highest volume of 2.21 crore shares on BSE. Ispat Industries (2.15 crore shares), Unitech (1.87 crore shares), Suzlon Energy (1.53 crore shares) and IFCI (1.28 crore shares), were the other volume toppers in that order.

Among the small and mid-cap stocks Remi Metals (up 20%), Savera Hotel (up 20%), Spice Communications (up 19.95%), Goa Carbon (up 17.17%), and ABG Shipyard (up 16.59%), surged.

Amtek Auto (down 9.79%), MM Forgings (down 8.22%), Garware Polyester (down 7.81%), and Honda Siel Power Products (down 7.45%), declined

Jet Airways (India) rose 3.55% to Rs 264.30. The stock staged a comeback after tumbling to the day's low of Rs 221.80 after the airline said its pilots resorted to a simulated strike, hurting operations. The announcement was made during trading hours today, 8 September 2009

Gujarat NRE Coke jumped 3.63% after the company said its board will meet on 19 September 2009 to consider a bonus issue of 'B' class shares. The company made the announcement after market hours on Monday, 7 September 2009.

Jaybharat Textiles & Real Estate soared 10% after the company fixed 17 September 2009 as the record date for a 1:2 bonus issue. The company announced the record date during trading hours today, 8 September 2009.

Suven Life Sciences was locked at 5% upper limit after the company received the first milestone payment from Eli Lilly and Company, US, with their drug discovery collaboration achieving a positive outcome. The company made this announcement during trading hours on Monday, 7 September 2009, when the stock surged 4.87%.

Jindal Cotex Grey Market Premium - Oil India, Globus Spirits

Company Name	Offer Price (Rs.)	Premium (Rs.)	Kostak (Rs. 1 Lac Application)
Jindal Cotex	70 to 75	3.50 to 4	--
Globus Spirits Ltd.	90 to 100	3.50 to 5	--
Oil India	950 to 1050	35 to 40	1800 to 1900 (+ 250 Form Commission)

Pre Session Commentary - Sep 8 2009

Today domestic markets are likely to open positive, as majority of Asian markets have once again opened in green. Positive sentiments are likely to sustain throughout the day’s session across the globe as there is no negative news. In the domestic arena Sensex broke the 16k mark, however firmness at this level will be challenged by liquidity conditions. During the day trading is likely to be range be with low intensity and volume.

On Monday, domestic stock markets extended its previous session’ gains to hit 15-month highs on significant buying over the counters. The BSE Sensex touched intraday high of 16,035.50 and NSE Nifty touched intraday high of 4,790. Stocks rallied sharply during final trading to close near days’ high on account of firm European markets along with positive Asian stocks. Global stocks zoomed after the G20 leaders assured to maintain stimulus measures. In addition, finance ministers from the world''''s most powerful economies have agreed a series of measures to try to regulate the global banking system. Further, in domestic arena according to a Ficci survey, stage of confidence of India Inc is getting higher due to the fiscal stimulus measures that started exhibiting its effect on the economic activity. The BSE Sensex ended above 16,000 level and NSE Nifty closed above 4,750 mark.

The BSE Sensex closed higher by 327.20 points (2.09%) at 16,016.32 and NSE Nifty ended up by 102.50 points or (2.19%) at 4,782.90. BSE Mid Caps and Small Caps closed with gains of 134.55 and 197.96 points at 5,967.77 and 7,189.47 respectively. The BSE Sensex touched intraday high of 16,035.50 and intraday low of 15,793.27.
On Monday, US markets were closed.

Today the major stock markets in Asia are trading positive. The Shanghai Composite is trading high by 5.9 points at 2,887.02, Hang Seng is also higher by 166.60 points at 20,795.91. Further Japan''s Nikkei is up by 12.26 points at 10,333.20. Strait times is down by 5.48 points at 2,638.47. Taiwan Weighted is up by 96.14 points at 7,320.17.

The FIIs on Monday stood as net sellers in equity and debt. Gross equity purchased stood at Rs 2,208.30 Crore and gross debt purchased stood at Rs 2,265.10 Crore, while the gross equity sold stood at Rs 220.70 Crore and gross debt sold stood at Rs 249.70 Crore. Therefore, the net investment of equity and debt reported were Rs (56.90) Crore and Rs (29) Crore respectively.

On Monday, Indian Rupee closed at 48.66/67 per dollar, 0.49% stronger than its previous close at 48.90/91. The local currency gained on the back of surge in local stock markets.

On BSE, total number of shares traded were 55.54 Crore and total turnover stood at Rs 6,099.73 Crore. On NSE, total number of shares traded were 104.42 Crore and total turnover was Rs 17,445.64 Crore.

Top traded volumes on NSE Nifty – Unitech with total volume traded 74833024 shares, followed by Suzlon Energy with 39036320, Reliance Comm with 11635838 shares, Bharti Airtel with 10603079 shares and Tata Motors with 10576645 shares.

On NSE Future and Options, total number of contracts traded in index futures was 504815 with a total turnover of Rs 11,329.58 Crore. Along with this total number of contracts traded in stock futures were 556344 with a total turnover of Rs 18,574.68 crore. Total numbers of contracts for index options were 1073010 with a total turnover of Rs 25,471.60 Crore and total numbers of contracts for stock options were 59210 and notional turnover was Rs 2,114.99 Crore.

Today, Nifty would have a support at 4,712 and resistance at 4,832 and BSE Sensex has support at 15,882 and resistance at 16,112

Market seen extending two-day gains on firm Asian stocks

Key benchmark indices are seen extending two-day gains tracking firm Asian equities. The SGX Nifty futures for September 2009 expiry were up 17 points. The Society of Indian Automobile Manufacturers (SIAM) will release data for domestic car sales in August today, 8 September 2009. Meanwhile the likely progress of the ongoing gas dispute between the Ambani brothers ahead of the formal outcome on 20 October 2009 may also influence the markets.

Most Asian markets were trading higher today, 8 September 2009 led by technology and commodity companies, as computer memory prices and metal prices rose. Key benchmark indices in South Korea, Japan, China, Hong Kong, and Taiwan rose by between 0.05% and 0.80%. However Singapore's Straits Times index fell 0.20%

US market remained closed on Monday, 7 September 2009 on account of the Labor Day holiday.

United Nations economists said on Monday, 7 September 2009 there would be no early recovery from global recession and warned that any move to ease back quickly on government stimulus programmes could make the crisis worse.

In its annual report, the Un trade and development agency UNCTAD also urged the creation of a new world reserve system using several currencies rather than just the US dollar, and called for tough controls on cross-border financial flows.

The world's wealthiest nations at the G20 meeting in London at the weekend have pledged a number of measures to maintain stimulus measures to boost the global economy. In a meeting held on Saturday, 5 September 2009, the finance ministers warned that the fledgling recovery was by no means assured.

Back home, the finance minister, Pranab Mukherjee on Monday, 7 September 2009 said that a slow down is likely in growth rate in the second and third quarters of the current fiscal due to less agricultural growth. He said, the economy will not grow at the pace it did in April-June period, but that does not warrant a downward revision of growth forecast.

Mukherjee said that he is, however, not revising the target of 6% plus growth rate for the fiscal as the economy will expand at a higher pace in the fourth quarter

The Reserve Bank of India (RBI) deputy governor, KC Chakrabarty on September 7 allayed fears of excess liquidity in the banking system saying it was just adequate. Chakrabarty said that the central bank will take necessary measures if it finds that the liquidity in the system is excess. The RBI deputy governor said there is scope for interest rates to ease further, and they are likely to remain benign for the next several months.

. Meanwhile, a survey to gauge business confidence sentiment, carried out by Federation of Indian Chambers of Commerce and Industry (Ficci), for the month of September 2009, suggested that the confidence level of India Inc is on the rise thanks to government's fiscal stimulus measures. Meanwhile, industry confidence on the economy has improved after the government's stimulus packages, according to a survey by Ficci. Eighty per cent of the companies believe that the Indian economy is on the road to recovery and expect improvements in growth performance in the months to come.

However, a majority of the participants said the poor progress and spread of monsoon this year could put a damper on economic growth

As per the provisional figures on NSE, foreign funds bought shares worth Rs 1060.62 crore and domestic funds purchased shares worth Rs 149.96 crore on Monday, 7 September 2009.

Strong response to the initial public offer of Oil India, an improvement in business confidence of India Inc and revival of monsoon rains helped key benchmark indices extend gains for the second day in a row. Firm global stocks aided the rally. The BSE 30-share Sensex jumped 327.20 points or 2.09% to 16,016.32, its highest closing since 2 June 2008 and the S&P CNX Nifty rose 102.50 points or 2.19% to 4,782.90, its highest closing since 30 May 2008.

Stocks have risen sharply this year on increased global risk appetite triggered by hopes of a recovery in the global economy after a setback from a financial sector crisis. The Sensex is up 6369.01 points or 66.01% in calendar year 2009 as on 7 September 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 7855.92 points or 96.26% as on 7 September 2009. FII inflow in calendar year 2009 totaled Rs 39368.40 crore (till 3 September 2009)

Meanwhile, a survey to gauge business confidence sentiment, carried out by Federation of Indian Chambers of Commerce and Industry (Ficci), for the month of September 2009, suggested that the confidence level of India Inc is on the rise thanks to government's fiscal stimulus measures. Eighty per cent of the companies believe that the Indian economy is on the road to recovery and expect improvement in corporate performance in the months to come.

Although, the future outlook for the Indian industry as a whole is fairly positive, 86% of the companies expressed concern over delayed monsoons. The respondents feel this can have an adverse impact on demand for industrial goods in the coming months.

Incidentally, there has been a revival in monsoon rains in the past few days. After playing truant for most of the season, the monsoon has picked up pace in the past few days thereby reducing the deficiency in cumulative rainfall in this season. The cumulative rainfall was 23% below normal in the week ended 2 September 2009, an improvement from 25% in the week ended 26 August 2009 and 29% in the week ended 12 August 2009, the India Meteorological Department said on 4 September 2009.

However, a cause of concern is that reservoir levels in key reservoirs are at two-thirds of the 10-year average, and 60% of last year's levels. Because of the deficient rainfall between June and September, good water storage level in these key reservoirs, which makes up one-third of the country's total water storage, are crucial to a good winter crop. Two-third of India's population lives in villages and 60% of the farm land depends on the annual rains.

Caution should be maintained

After the broad-based national stock exchange Nifty hitting the 52 week high yesterday, buying interest can be seen in today's trades. However, caution should be exercised as the market may move in tandem with global indices. Except Nikkei index almost all the key Asian indices have gained marginally in the ongoing trades. Investors should also take into account the prevalence of strong intra-day volatility. Among the key local indices, the Nifty in short term could test higher levels at 4850 while it has a support at 4750. The Sensex has a likely support at 15700 and may face resistance at 16200.

The Indian ADR pack also rallied sharply on the US bourses. HDFC Bank & Patni Computers led the upmove and zoomed nearly 3% while Infosys, Wipro, Dr Reddy, HDFC Bank, MTNL, Rediff and Patni Computers flared up over 1-2% each. While rediff remained unchanged.

Crude oil prices in the global market edged higher Nymex light crude oil for October series rose by 6 cents at $68.02 a barrel. In the commodity space, the Comex gold for December delivery declined by $1 to settle at $996.70 an ounce.

Daily trend of FII/MF investment in equities
On September 06 2009, FIIs were net sellers of stocks to the tune of Rs57 crore (purchases worth Rs2208 crore and sales of Rs2265 crore).

Stocks with +ve bias – Sterlite (SL 699), Unitech (SL 111)
Stocks for short term delivery – Dena Bank (SL 51), Deep Ind Cmp 85
Stocks for Investment – United Phos, Bajaj Holdings, Apollo Tyres & ADSL

Daily News Roundup - Sep 8 2009

Tech Mahindra has bagged a 10-year contract worth ~Rs20bn from Etisalat DB, formerly known as Swan Telecom for managing its entire IT operations. (FE)

Maruti plans to expand its Manesar factory capacity by 40% in the next two years. (BS)

Oil India plans to bid for blocks in Iraq jointly with IOC. (ET)

ONGC plans to ramp up Imperial Energy’s crude oil production and consolidate operations. (FE)

IFCI plans to raise around Rs10bn from the market through a bond issue. (BS)

Maruti plans to shift production from its Plant I in Gurgaon to its Manesar plant in a phased manner. (FE)

The government to infuse Rs20bn of equity by December as the first phase of financial restructuring to bail out ailing Air India. (BS)

The Chennai Petroleum Corporation plans to set up a Rs35bn high conversion ‘resid upgradation unit’ to increase the distillate yield. (FE)

Cipla plans to foray into the production of biotechnology medicines. (BS)

Videocon Industries and Bharat PetroResources (BPRL) have bought a 12.5% stake each in Anadarko Indonesia Nunukan Company. (BS)

IOC is exploring the possibility of setting up a wind mill in Paradeep (Orissa). (BS)

Tata Power has opened its first rural BPO facility at Khopoli in Raigad district. (FE)

Indiabulls Power has decided to cancel the Rs4bn placement made ahead of its IPO. (ET)

Dell and MTNL to offer 3G wireless mobility solutions on Dell’s select range of laptops and netbooks. (BL)

Aurobindo Pharma has received USFDA approval for its Risperidone oral solution. (ET)

Suven Life Sciences will receive the first milestone payment from Eli Lilly for identifying a lead compound in their drug discovery collaboration. (ET)

M&M is expected to sell about 0.15mn tractors in FY10, which will make it the world’s number one tractor company by volumes. (ET)

Tata Steel registered a 25% yoy increase in steel sales at 0.49mn tons during August 2009. (FE)

Bharat Forge plans to seek shareholder’s approval to raise US$150mn by issue of warrants or bonds. (FE)

Ruchi Soya plans to invest ~RS2.5bn in capacity expansion in 2-3 years. (ET)

BASF India plans to consider merger of Ciba India Ltd, Diamond Dye-Chem Ltd and Ciba Research (India) Pvt Ltd with the company on September 11. (FE).

L&T Finance among suitors for DBS Cholamandalam AMC. (BS)

KNR Constructions has bagged a Rs2.3bn order from the NHAI for completion of balance work on NH-5. (BL)

McNally Bharat Engineering has decided on fresh issue of shares on rights basis in the ratio of one new share for every 10 held at Rs140 a share of Rs10 each. (BL)

BK Modi acquires 51% stake in forex and money transfer firm, Wall Street Finance. (ET)

UK-based Cadbury rejects Kraft Foods’ hostile takeover offer of US$16.7bn. (ET)


Oil regulator PNGRB has levied a turnover tax of Rs20mn per annum on companies retailing CNG and natural gas, for turnover of up to Rs200bn. (ET)

The Foreign Investment Promotion Board (FIPB) has advised 300-odd companies to pay RBI a penalty for breaching sectoral limits on FDI. (BS)

A high-level committee has asked the Government to make available funds from the fuel cess to the National Highways Authority of India (NHAI) for another 21 years. (BL)

Nine power projects with a total generation capacity of 39,567mw are likely to receive final environmental clearance this month. (FE)

The Government is considering a proposal to raise the tax exemption limit on monthly transport allowance to Rs3,200 per month from current Rs800. (ET)

The Government has imposed an anti-dumping duty on import of a chemical used in foam mattresses from China and Korea. (ET)

The Bengal Government has announced the scrapping of the proposed IT township project. (BL)

India will form a joint working group with Indonesia to explore opportunities for acquiring coal properties abroad. (ET)

NSE has reduced transaction charges by ~10% in the cash and futures segment for its market intermediaries. (ET)

Troubles and victory!

A mind troubled by doubt cannot focus on the course to victory.

Troubled minds may have found some calm as strong buying from FIIs helped propel the key indices to a 15-month high. The rally came on higher volume and turnover with positive breadth. Firm global markets got a boost from heightened M&A action. Encouraging remarks from G20 leaders over the weekend added support. We won’t blame you for thinking that a rise was anticipated as Oil India IPO opens. The worry would be how long can it last?

We expect a cautious opening with no cues from Wall Street and a mixed Asian markets. The bulls may just manage to push indices a little further if FIIs and global markets help. Taking some money off the table and waiting for further clarity on the global economy, local factors and corporate health won't be a bad idea.

Stocks have doubled in six months. Given the mismatch between valuations and fundamentals, further gains could be difficult to come by. Economic reports and earnings have raised optimism that the worst is over. There might yet be another crisis if the real issues that need to be tackled are overlooked especially the one relating to global imbalances. Back home, we need to overcome a deficient monsoon, high fiscal deficit, possible spike in inflation and hardening of interest rates.

FIIs were net buyers of Rs10.6bn in the cash segment on Monday on a provisional basis while the local funds pumped in Rs1.5bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers at Rs18.26bn. On Friday, FIIs were net sellers of Rs569mn in the cash segment.

Meanwhile, gold futures briefly touched a six-month high of US$1,000 per ounce in Globex electronic trading in Tokyo on Tuesday before easing below the four-figure milestone. It marked the first time a front-month Gold futures contract has reached that level since late February this year. The December contract added 0.2% to US$998.20 an ounce in New York at 9:32 a.m. in Singapore. Spot gold traded at US$995.85 an ounce.

The euro traded near a one-week high against the dollar before a report forecast to show industrial production in Germany rose in July. The dollar was close to its lowest level in a year versus Australia’s dollar on speculation that Federal Reserve officials will this week signal that the American central bank will keep borrowing costs low, boosting demand for so-called dollar carry trades. The US currency also fell for the first time in four days versus the yen after the United Nations said that the US currency’s role in international trade should be reduced.

International media reports say that regulators have agreed on tough new rules for banks would force many in Europe to raise tens of billions of euros in capital in coming months. The rules will force banks to substantially improve the quality and extent of the capital buffers they hold to absorb shocks. At least half of the capital cushion of banks must comprise common equity and retained earnings under measures agreed by the powerful Basel committee of central bank governors and bank regulators, according to reports.

Former Federal Reserve Chairman Alan Greenspan says that American banks should be forced to hold more capital on their balance sheets, reinforcing a weekend push by finance chiefs from the Group of 20 nations. "Capital requirements even during non-crisis periods have to have a larger buffer," the 83-year-old former policy maker says.

Asian shares are trading mixed. Hong Kong's Hang Seng Index traded 0.2% higher at 20,662.23 in early action. But in mainland China, metals-related shares pressured the Shanghai Composite, which fell by 1.4%.

Banks in Japan fell after central bank figures showed that the country’s lending growth slowed. Technology and commodity companies advanced as computer memory prices and metal prices rose.

The MSCI Asia Pacific Index rose 0.1% to 114.33 as of 10:57 a.m. in Tokyo, with about eight stocks declining for every seven that rose. The index has climbed 62% from a more than five-year low on March 9 on speculation that stimulus measures worldwide will revive the global economy.

European shares gained sharply on Monday after Kraft Foods made an unsolicited bid for Cadbury and ignited hopes that a revival of merger-and-acquisitions activity will form another stepping stone on the way to a recovery.

The pan-European Dow Jones Stoxx 600 index rose 1.4% to 237.01, the third straight day of gains for the index. The UK's FTSE 100 index rose 1.7% to 4,933.18, while the German DAX index gained 1.5% to 5,463.51 and the French CAC-40 index was up 1.5% at 3,652.83.

US equity markets were shut on Monday for the Labor Day holiday.

On Friday, US stocks rose amid low volume ahead of the Labor Day weekend, as investors focused on the positives in a mixed report on the labor market. However, all the three major stock indexes ended the week lower.

The Dow Jones Industrial Average gained 96 points, or 1%, to 9,441.27. The S&P 500 index added 13 points, or 1.3%, to 1,016.40. The Nasdaq Composite index advanced 35 points, or 1.8%, to 2,018.78.

On the whole, the jobs report was okay, suggesting moderation in job losses. But the market is saturated with good news and is starting to show fatigue after a 50% rally in the S&P 500 since early March.

Stocks tumbled in the first three sessions of this week as investors worried about the health of the US economy. There was a late-session advance on Thursday as some of the bank and technology shares that slumped earlier in the week bounced back.

American employers cut 216,000 jobs from their payrolls in August, the Labor Department reported, after paring a revised 276,000 jobs in July. The month brought the smallest number of job cuts since August 2008. Economists had forecast 230,000 job cuts.

The unemployment rate, generated by a separate survey, rose to 9.7% from 9.4%, a 26-year high. Economists had expected unemployment to rise to 9.5%. Unemployment is expected to hit 10% by the end of the year or early 2010, even as the US economy is starting to recover.

It was a Magical Monday wasn’t it? The Sensex gained more than 300 points to end above the 16k and the Nifty too closed at 52-week high surpassing its previous 4740 hurdle. Couple of weeks back, market was in a limbo given the global uncertainties and technical resistance; however against all odds bulls have shown their strength to push themselves beyond 2009 highs.

Market has finally broken above its trading range after consolidating for nearly 3 months. The 4750 levels which was a crucial resistance for the Nifty has been taken out quite convincingly, the index has breached the double top on the daily charts indicating a break out. In addition revival in monsoon and firm global cues also lifted the sentiment on Dalal-Street.

Short covering emerged once the 4750 levels were breached lifting the Nifty to hit new 2009 highs. The rally was led by action seen in the index heavyweights like Tata Motors, RCom, ICICI Bank and Sterlite Industries.

The BSE Sensex surged 327 points or 2% at 16,016 after touching a high of 16,035 and a low of 15,793. The index opened at 15,793 against the previous close of 15,689. The NSE Nifty surged 102 points to shut shop at 4,783.

In Asia, the Nikkei in Japan gained by 1.3% at 10,320 while Australia's S&P/ASX ended higher by 0.5% at 4,454. The Hang Seng index in Hong Kong surged 1.5% at 20,629. Shanghai index in China was up by 0.6% at 2,881.

In Europe, stocks were in the green. The FTSE in the UK was up 1.4%, The DAX in Germany was up 1.5% and the CAC 40 index in France was up 1.4%.

Coming back to India, among the BSE sectoral indices, the Realty index was the top gainer, surging 5.5%, followed by the Metal index that was up 4%. The BSE Bankex index up 3.1% and the BSE Capital Goods index was up 3%.

The BSE Mid-Cap index gained 2.3% and the BSE Small-Cap index gained by 3%.

Among the 30-components of Sensex, 28 stocks ended in the green and only ITC and M&M ended in the negative terrain. Among the major gainers were Tata Motors, Reliance Communication, ICICI Bank, JP Associates and Sterlite Industries.

Outside the frontline indices, the big gainers in the broader market were Bhushan Steel, REI Agro, GMDC, Sun TV, Welspun Gujarat and IRB Infra. On the other hand, losers included Shriram Transport, PFC, Ackruti, Mphasis and Pantaloon Retail.

Shares of IOC shot up by over 9% to end at Rs673 after the company announced that it planned to give free shares to investors. The company will consider issuing free shares in a board meeting scheduled for September 13.

The stock opened at Rs641 and made an intra-day high of Rs682 and a low of Rs635. Total traded volumes stood at 0.58mn shares.

Shares of Uttam Galva Steels were locked at 10% upper circuit at Rs125.05 after the company announced a "co-promotion agreement" that will entitle ArcelorMittal to become a co-promoter in the company. Uttam Galva will allow ArcelorMittal to acquire shares in the company through an open offer.

Following this, both ArcelorMittal and the current promoters of Uttam Galva will be equal partners in the company. The process of joint partnership will be done in three stages. At the first stage, ArcelorMittal will purchase a 5% stake for Rs696mn at Rs120 a share.

Subsequently, the Mittals will make an open offer to purchase a 30% stake at the same price paid to the promoters for the 5% stake, valuing the company at Rs13.84bn. In case the open offer gets poor investor response, the Miglanis, Uttam Galva’s promoters, will sell part of their stake to make up the difference.

Shares of Maytas Infra were locked at 5% upper circuit at Rs143.85 after ~1.7mn shares, or 2.9% of its equity, changed hands in 10 transactions. On September 3, 2009 ~2.67mn equity shares or 4.5% of its equity, change hands in eight transactions.

~4.37mn shares or 7.4% equity of the company has changed hands in last three trading sessions. The stock opened at Rs143.8 and made an intra-day high of Rs143.8 and a low of Rs138.05. Total traded volumes stood at 2.3mn shares.

Shares of Tata Steel surged by over 3% to Rs441.8 after it completed Aug’09 by showing a significant increase in its hot metal, crude steel and saleable steel production over the corresponding month of last year.

Tata Steel's August domestic steel sales rose 25% from a year earlier to 492000 tons. The strong performance came on the back of an 81% jump in sales of long products, used in construction, from a year earlier.

Shares of Petron Engineering were frozen at 20% upper circuit at Rs154.25 after the company announced that it won order worth Rs374.5mn from Madras Cement for mechanical fabrication and erection works for 5000 TPD line - 2 cement projects at Ariyalur. The stock opened at Rs130 and made an intra-day high of Rs154 and a low of Rs127.3. Total traded volumes stood at 48,000 shares.

Shares of HEG surged by 4% to Rs262 after the company announced that it plans to raise Rs1.5bn via placement of debt. The stock opened at Rs255 and made an intra-day high of Rs265 and a low of Rs255. Total traded volumes stood at 15,000 shares.

Suven Life Sciences were locked at 5% upper circuit at Rs29.05 after the company announced that its drug discovery collaboration in central nervous system disorder with Eli Lilly has yielded a positive outcome with lead declaration leading to a milestone payment to the company from the US drug major.

The milestone was achieved with the identification and selection of a first lead compound to be advanced into Lead Optimization Phase of preclinical development.